HSBC has broadened its Tokenised Deposit Service (TDS), a blockchain-based platform enabling real-time, secure currency transfers, to include cross-border transactions. Initially launched in Hong Kong and Singapore, the service now extends to the UK and Luxembourg. This expansion follows the first successful cross-border transaction between Hong Kong and Singapore in September, optimising treasury management for Ant International, the service’s inaugural client.
The TDS addresses the increasing demand for instant cross-border settlements by providing a 24/7 blockchain-based platform. It supports the rise of digital money and adapts to clients’ evolving needs. The service now accommodates domestic payments in additional currencies such as GBP, EUR, and USD, with plans for further expansion across HSBC’s key markets.
Manish Kohli, Head of Global Payments Solutions at HSBC, stated, “Tokenised deposits represent a major step forward in the future of transaction banking and open new opportunities for our clients.” He highlighted the benefits of combining real-time liquidity with blockchain’s secure settlement capabilities.
Kelvin Li, General Manager of Platform Tech at Ant International, remarked, “This milestone marks the next step in our joint innovation with HSBC on tokenised deposits.”
HSBC’s Distributed Ledger Technology (DLT) underpins the service, converting traditional fiat deposits into digital tokens. This allows for instant cash movements and seamless integration with existing treasury operations. The service also supports programmability, enabling conditional payments and efficient settlement of tokenised assets.
The expansion of TDS reinforces HSBC’s commitment to integrating with clients’ enterprise DLT systems, paving the way for the bank’s next-generation payment infrastructure.
